Brendan Smyth & Premal Gohil: Liberty Mutual Insurance: Embracing innovation - lessons from a global insurer (161)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 24 October 2021

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Liberty Mutual Insurance is a global insurance company that embraces innovation, with a strong track record of building successful partnerships with technology companies. Matthew talks to Brendan Smyth, SVP, Global Risk Solutions Innovation, and Premal Gohil, Head of Innovation Partnerships & Investments, to understand how Liberty approaches innovation projects and works with third parties to understand new insurance trends. The episode also includes advice for start-ups on how to approach insurers with new ideas and what Liberty is looking for from potential data and technology partners. Talking points include: How to create a culture of innovation Balancing innovation projects with day-to-day business Building successful commercial partnerships The importance of ecosystems and efficient integration Comparing insurance innovation - differences between the US and Europe Premal’s article, 5 Tips for ensuring Startup-Corporate collaboration success, is available to read on LinkedIn. More information on Liberty Mutual Insurance is available on the company’s InsTech London member profile page. If you like what you're hearing, please leave us a review on whichever platform you use, or contact Matthew Grant on LinkedIn. Sign up to the InsTech London newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. The Learning Objectives for this podcast are: Identify some of the impacts of innovation and its importance in the future of the insurance industry Discern the roles required for successful innovation partnerships Understand how incumbents and start-ups can work together and learn from each other If your organisation is a member of InsTech London and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 161 page of the InsTech London website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	There were things that were painful through that process.
0:04.0	What that's now translated into is a pilot, proof of concept type partnership into something much more substantial.
0:12.0	They're now one of our venture capital portfolio companies, which supported them with funding over several rounds.
0:31.5	Welcome back and we have a cracker of an episode for you today.
0:35.2	Now, if this is your first time joining, a pleasure to have you, Matthew Grant, here,
0:37.8	host of many, but not all of our weekly podcast.
0:42.8	If you are a regular listener, you'll know that my fellow partner at INSEC, Robin Mertens, is now regularly picking up the microphone and you're going to be hearing for some more of the team soon.
0:47.4	But for now, if you've ever wondered how large insurers successfully deal with innovation,
0:51.6	this one is most definitely for you.
0:53.2	I managed to pin down
0:54.2	Brendan Smith, SVP Global Risk Solutions at Liberty Mutual, joining us from the US, and Premal Gohill,
1:01.0	head of innovation, partnerships and investments from London to find out what they are doing.
1:05.8	Now, this is a longer episode than usual, but it's jammed full of great insights that will be
1:10.3	useful to you,
1:11.0	whether you're working at an insurer, trying to figure out how to get your organisation to
1:14.0	innovate, or you're at a technology company wondering how to get noticed. And if you are one of our
1:18.9	regular listeners that does the ironing, out there running or on your bike, well, go for it. See how
1:23.6	much more you can do with an extra few minutes plugged in today. And finally, InSdeck London is accredited for credit towards continual professional development
1:31.2	by the Chartered Insurance Institute here in the UK.
1:34.3	And you can find the learning objectives and our edited highlights of this discussion
1:37.5	on our website, www.insteck.l. London.
1:54.5	Pramil Brendan, I look forward to all my podcasts, but this is one I've been really looking forward to because as Liberty Mutual, you are, first of all, an insurance company and it's always
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